Value and Exchange
Government Paper Money
The world had never seen government paper money until the colonial government of Massachusetts, 1690, writes Murray N. Rothbard (1926–1995).
Human Nature and the “Perfect” Society
Man the producer must have freedom, while man the predator puts limitations on freedom, writes Frank Chodorov (1887–1966).
Francis Hutcheson: Teacher of Adam Smith
Hutcheson brought to Scottish philosophy a solid belief in natural rights and in the beneficence of nature, writes Murray N.
56. The Gold-Exchange Standard, Not Gold
From Part IV of A History of Money and Banking in the United States: The Colonial Era to World War II: “The Gold-Exchange Standard i
Subjective Value and Market Prices
Precisely because value is subjective, voluntary trades are win-win situations. At the same time, market prices are objective measures of wealth, and these allow for rational economic calculation.
‘Objective’ Value and Cost of Production
It was the physiocrats who broke with centuries of sound economic reasoning and contributed to what would become, in the hands of Smith and Ricardo
Meet Crystal Meth
Crystal meth is a horrible drug, but it is also a cheap date, the poor man’s cocaine.
What’s Cost Got to Do with It?
Past expenses incurred during the production of a good are completely irrelevant to the determination of the current price of a good. The market price of a good is determined solely by the relative valuations of goods and money by the buyers and sellers of the good.
Lord Townshend on Trade and Morality
Charles, the third Viscount Townshend (1700–1764), has been shamefully neglected by virtually all historians of economic thought.